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Out of control? The controller and the family business.(selected topic)(Financial control)
Family businesses need to objectively evaluate their key financial metrics and the person who is responsible for them.
Frequently, family owners' interpretations of a controller's responsibilities will not be found in any textbook. Common owner attitudes toward financial control can be categorized as:
1. Back off--"It's my company and my checkbook."
2. Honey Do or Gene Pool--"Who else can you trust?"
3. Undersized--"Just give my accountant the shoeboxes."
4. Survivor--"They have been here since Day One."
5. Detector--"They must be good; they used to work for my accountant."
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